Discussion in 'Trading' started by slipchamber, Nov 25, 2011.
is there anybody here who thinks they can trade soley on price action alone?
Is this the technique that no one can teach but everyone claims it takes 10,000 hours to learn ?
Yes. I don't recommend it though. You'll get lucky and catch some big moves until you get trapped. You need at a bare minimum a momentum indicator with the default numbers reduced to navigate trend changes. Nearly every trend change traps traders in both directions: jump-starters hoping for the 15 minute 10% rally, and conservative position or swing traders covering but caught off guard trying to re-enter in the same direction. Volume in these instances also helps tip clues.
If you insist: look for better than 30% and 50% retraces and then expect traps until advantage is regained. One word: "response". Rally...Test.
Price action with lateral support and resistance won't work in giving you profits consistently.
Al Brooks is the guy. Here is a free webinar:
Like falling into a log.
I use price only with some math on the side and proper chart configurations.
296 cents today out of CL gyrations.
Just trade structure of the market , price always must go up and down.
1 min chart is only for illustration, not what I use.
Separate names with a comma.